Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

2. RECORDING TRANSACTIONS: July 1 The company issued $ 600,000 of capital stock for cash. 5 Office space was rented for July, and $ 5,000

2. RECORDING TRANSACTIONS:

July 1 The company issued $ 600,000 of capital stock for cash.

5 Office space was rented for July, and $ 5,000 was paid for the rental.

8 Desks and chairs were purchased for the office on account, $ 28,800.

10 Equipment was purchased for $ 50,000; a note was given, to be paid in 30 days.

15 Purchased trucks for $ 150,000, paying $ 120,000 cash and giving a 60-day note to the dealer for $ 30,000.

July 18 Paid for supplies received and already used, $ 2,880.

23 Received $ 17,280 cash as service revenue.

27 Insurance expense for July was paid, $ 4,500.

30 Paid for gasoline and oil used by the truck in July, $ 576.

31 Billed customers for janitorial services rendered, $ 40,320.

31 Paid salaries for July, $ 51,840.

31 Paid utilities bills for July, $ 5,280.

31 Paid cash dividends, $ 9,600.

  1. Journalize the transactions given for July in the general journal.
  2. Post the journal entries to ledger accounts.
  3. Prepare a trial balance as of July 31.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: Belverd E Needles, Marian Powers

10th Edition

0547193289, 9780547193281

More Books

Students also viewed these Finance questions